Employees of Daewoo Heavy Industries & Machinery and an investor group led by the owner of South Korea’s No. 3 mobile-phone business will likely purchase the state-run company, according to a report by the Korea Herald. Daewoo Heavy workers have been trying for the past month to buy part of their own company to ensure job security. They chose to team up with an investor group formed by Park Byeong-yeop, vice chairman and the largest shareholder of Pantech & Curitel Communication, because of Park’s respect for secure jobs. His company acquired the mobile-phone arm of Hyundai Group in 2001 but didn’t lay off any employees after the takeover. Ten bidders, including South Korean Hyosung and Doosan Group and U.S. equity fund Carlyle Group, are competing to purchase the company.
Daewoo Heavy employees, investor group to bid for company
July 26, 2004